In November 2025, the Security and Exchange Commission’s (SEC) Division of Examinations released its Fiscal Year 2026 Examination Priorities. A section on municipal advisors says the division will continue to look at whether municipal advisors have met their fiduciary duty to municipal entity clients when engaging in municipal advisory activities and specifically mentions the provision of advice regarding the method of sale of municipal securities.
Bracewell’s Ed Fierro told The Bond Buyer that given that the SEC’s Division of Examinations has included the issue among its examination priorities, municipal advisors should, at a minimum, expect questions about it during examinations.
“I think more detailed memoranda or written documentation could be helpful,” Fierro said.
